EURNOK

Live and Historical EUR/NOK Rates

This chart shows the values of the euro (EUR) against the value of the Norwegian krone (NOK)-that is how many NOK can purchase one EUR. The euro is a major currency in the world market, but the krone is not. Together, EUR/NOK forms neither a major pair nor a commodity pair.

The Euro

The euro is one of the most powerful currencies in the world market. It is valued as a reserve currency and is second only to the dollar in international trade. Introduced into the world market in 1999, EUR is the currency for the overwhelming majority of the member nations of the European Union (EU). It is governed by the European Central Bank located in Frankfurt Germany, though the bank does not usually exercise heavy control. Services, tourism, finance, manufacturing, and agriculture are the major industries of the EU nations.

The Norwegian Krone

In 1875, the Norwegian krone debuted in the world market. This added Norway to the Scandinavian Monetary Union. The Union fell apart in 1914, and afterwards Norway, along with Denmark and Sweden, kept separate currencies. Norway’s krone, or NOK, was recorded as the 10th most traded currency on the foreign exchange market in 2009. Norway’s economic growth is very attributable to its natural resources. Petroleum and natural gas as well as hydroelectric power and fisheries are the major contributors. As a result, the krone is a strong commodity currency. Currently, Norway and Iceland are the only two Nordic countries to remain outside of the European Union.

EURNOK Analysis

Because of the geographic proximity, there is a strong correlation between NOK and EUR, but Norway also exports energy to nations outside of the Eurozone. This causes USD to have an influence on NOK as well. The strongest factor for the pair is energy commodity prices, since Norway is so deeply dependant on these exports. Because Norway has a very stable economy with strong fundamentals, major changes in the fortune of the EU may increasingly move independent of NOK, and there is little chance of Norway moving to the Euro in the near future. The Scandinavian and Slavic currencies also have a strong influence on NOK (especially Sweden, Iceland, and Russia).